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This may sound simple but it involves a number of considerations. Do you intend to sell the business assets separately? Is the business a ‘going concern’? If the business is leased, will the lease be transferred to the new buyer? Will employees be transferred along with the business?
A key consideration is whether you intend to sell the goodwill of the business. This will often include a large percentage of the saleable assets of a business. The sale of goodwill will generally include things such as:
  • the business name;
  • trademarks or intellectual property;
  • contracts with sale and suppliers;
  • a restraint of trade. eg that the seller agrees not to open a competing business in a geographically proximate area.
Our team of solicitors will be able to provide you with legal advice in relation to drafting, review and any necessary registration of the sale and purchase of a business in the ACT and/or NSW.